Personal property is anything owned by a person that is not land or permanently affixed to land.
Personal items such as clothing, personal effects, and household furnishings are exempt.
Nonexempt personal property includes such items as:
- money in checking and savings accounts,
- stocks, bonds, savings certificates, and other securities,
- farms and small businesses,
- estate bequests, and
- miscellaneous assets.
The equity value of any nonexempt personal property owned by a unit member, must be verified and used when determining initial and ongoing eligibility. This includes any personal property that a client has a joint interest in.
Consider any money received from the sale of nonexempt personal property as a nonexempt asset that is applied to the asset limit. Sales of clothing and household furnishings are exempt.